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Kazakhstan plans to boost output of metals needed for EV batteries
According to Reuters, the government of Kazakhstan is actively working on increasing the production of metals needed for electric vehicle batteries. This is a big deal for the national economy. The country is also issuing hundreds of new geological exploration licenses to attract investment into this sector.
Analysts observe that Kazakhstan is positioning itself as a reliable supplier of many crucial materials listed by the EU. Its strategy looks especially advantageous compared to Russia, which is threatening to limit exports, and China, tightening control over rare earth metals.
Moreover, Kazakhstan has signed agreements with the European Union and the United Kingdom to supply crucial minerals. "People know that Kazakhstan is very reliable... We've been supplying markets for a very long time," industry minister Kanat Sharlapaev said.
Sharlapaev added that Kazakhstan aims to carve out its own niche in the battery material market, focusing on metals like lithium, cobalt, manganese, nickel, and graphite. The growing demand for these materials will give a boost to the country’s economy.
Currently, Kazakhstan is mining manganese and supplying phosphates for fertilizers. The country also has plans to secure a 10% share of the global battery materials market.
Published 19 September 2024
© InstaFintech Group
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© InstaFintech Group
